BESI Global Coverage
Company
Ticker
Sector
Analyst
Email
Austria
Telekom Austria
Vienna Insurance Group
TKA AV
VIG AV
Telecom Services
Insurance
Andrew Hogley
Kamil Stolarski, CFA
andrew.hogley@espiritosantoib.co.uk
kstolarski@espiritosantoib.pl
Belgium
Anheuser-Busch InBev
Belgacom
Colruyt
Telenet Grp
ABI BB
BELG BB
COLR BB
TNET BB
Food, Beverage and HPC
Telecom Services
Retail
Telecom Services
Stephanie Barsdorf
Andrew Hogley
Rickin Thakrar
Andrew Hogley
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
Brazil
Aliansce
AmBev
Arteris
Banco do Brasil
BB Seguridade
Bematech
Bradesco
Brasil Foods
Brasil Pharma
Brazil Hospitality Group
BRMALLS
CCR
Cia Brasileira de Distribuicao
Cyrela
EcoRodovias
Fibria
Fibria (ADR)
Gafisa
Guararapes
Hering
Iguatemi
Itaú Unibanco
JBS
Kepler Weber
Klabin
Localiza
Marfrig
Marisa
Metalúrgica Gerdau PN
Minerva
MRV
Multiplan
Oi
PDG Realty
Porto Seguro
Raia Drogasil
Renner
Rossi Residencial
Santander Brasil
SLC Agricola
Sonae Sierra
Sul America
Suzano Papel e Celulose
ALSC3 BZ
ABEV3 BZ
ARTR3 BZ
BBAS3 BZ
BBSE3 BZ
BEMA3 BZ
BBDC4 BZ
BRFS3 BZ
BPHA3 BZ
BHGR3 BZ
BRML3 BZ
CCRO3 BZ
PCAR4 BZ
CYRE3 BZ
ECOR3 BZ
FIBR3 BZ
FBR US
GFSA3 BZ
GUAR3 BZ
HGTX3 BZ
IGTA3 BZ
ITUB4 BZ
JBSS3 BZ
KEPL3 BZ
KLBN11 BZ
RENT3 BZ
MRFG3 BZ
AMAR3 BZ
GOAU4 BZ
BEEF3 BZ
MRVE3 BZ
MULT3 BZ
OIBR4 BZ
PDGR3 BZ
PSSA3 BZ
RADL3 BZ
LREN3 BZ
RSID3 BZ
SANB11 BZ
SLCE3 BZ
SSBR3 BZ
SULA11 BZ
SUZB5 BZ
Real Estate
Eduardo Silveira
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Construction & Building MaterEduardo Silveira
Banks
Pedro Fonseca
Financial Services
Pedro Fonseca
Technology
Catarina Pedrosa, CNPI
Banks
Pedro Fonseca
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Retail
André Fontoura
Travel & Leisure
Eduardo Silveira
Real Estate
Eduardo Silveira
Construction & Building MaterEduardo Silveira
Retail
André Fontoura
Real Estate
Eduardo Silveira
Construction & Building MaterEduardo Silveira
Basic Resources
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Retail
André Fontoura
Retail
André Fontoura
Real Estate
Eduardo Silveira
Banks
Pedro Fonseca
Retail
Catarina Pedrosa, CNPI
Capital Goods
Catarina Pedrosa, CNPI
Basic Resources
Catarina Pedrosa, CNPI
Travel & Leisure
André Fontoura
Retail
Catarina Pedrosa, CNPI
Retail
André Fontoura
Basic Resources
Catarina Pedrosa, CNPI
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Real Estate
Eduardo Silveira
Telecom Services
Antonio Espirito Santo
Real Estate
Eduardo Silveira
Financial Services
Pedro Fonseca
Retail
André Fontoura
Retail
André Fontoura
Real Estate
Eduardo Silveira
Banks
Pedro Fonseca
Food, Beverage and HPC
Catarina Pedrosa, CNPI
Real Estate
Eduardo Silveira
Financial Services
Pedro Fonseca
Basic Resources
Catarina Pedrosa, CNPI
Source: Bloomberg, BESI Research
as at 15 April 2015
SP
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
afontoura@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
pfonseca@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
Page 1 of 9
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
6.7
41.5
4.8
40.0
-28.0%
-4.0%
Sell
Buy
EUR
EUR
2,949
5,312
2,949
5,312
3,133
5,644
117.5
34.2
44.2
54.3
80.0
16.3
34.0
45.6
-32.0%
-52.0%
-23.0%
-16.0%
Neutral
Sell
Sell
Neutral
EUR
EUR
EUR
EUR
188,851
11,554
6,899
6,151
188,851
11,554
6,899
6,151
200,654
12,276
7,330
6,535
29.0 61.0%
Buy
20.0
5.0%
Neutral
8.0
6.0%
Neutral
26.6 11.0%
Buy
22.5 -36.0%
Sell
12.3 22.0%
Buy
28.7
-8.0%
Neutral
50.0 -21.0%
Sell
3.4 315.0%
Neutral
19.0
1.0%
Buy
27.0 50.0%
Buy
18.0 12.0%
Neutral
125.0 25.0%
Buy
14.0
7.0%
Buy
13.0 44.0%
Buy
30.5 -30.0%
Sell
13.7
-3.0%
Neutral
2.2
-9.0%
Neutral
126.0 58.0%
Buy
21.7 30.0%
Sell
35.0 16.0%
Buy
33.7
-8.0%
Neutral
12.5 -18.0%
Neutral
37.5 29.0%
Buy
17.5
-4.0%
Neutral
33.5 -12.0%
Neutral
8.0 93.0%
Buy
13.4
-9.0%
Sell
22.3 111.0%
Neutral
13.0 62.0%
Buy
10.0 18.0%
Buy
57.0
Neutral
RESTRICTED
0.5 -17.0%
Sell
25.3 -31.0%
Sell
21.5 -34.0%
Neutral
79.8 -15.0%
Buy
2.0 -18.0%
Sell
14.6
-4.0%
Neutral
21.5 19.0%
Buy
20.0
-1.0%
Neutral
12.6 -13.0%
Neutral
13.5
-8.0%
Neutral
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
USD
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
2,865
299,189
2,607
68,971
70,000
521
131,162
54,922
210
1,181
8,232
28,373
26,278
5,446
5,051
24,096
7,844
1,058
4,789
2,749
5,334
177,352
44,626
763
3,451
8,027
2,161
2,737
4,058
1,132
4,106
10,801
878
91,686
799
21,136
21,451
160
40,194
16,831
64
362
2,523
8,695
8,053
1,669
1,548
7,384
7,382
324
1,468
842
1,634
54,349
13,675
234
1,058
2,460
662
839
1,244
347
1,258
3,310
933
97,416
849
22,457
22,792
170
42,706
17,883
68
384
2,680
9,238
8,556
1,773
1,644
7,846
7,844
344
1,559
895
1,737
57,746
14,530
248
1,124
2,614
704
891
1,321
369
1,337
3,517
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
723
11,858
10,705
11,691
1,041
57,500
1,780
1,538
4,913
16,227
222
3,634
3,280
3,583
319
17,621
546
471
1,506
4,973
236
3,861
3,485
3,807
339
18,722
580
501
1,600
5,284
18.0
19.1
7.6
24.1
35.0
10.1
31.3
63.0
0.8
18.8
18.0
16.1
99.8
13.1
9.0
43.5
14.2
2.4
79.5
16.7
30.2
36.7
15.2
29.0
18.2
37.9
4.2
14.8
10.6
8.0
8.5
56.9
0.5
36.7
32.4
93.6
2.4
15.1
18.0
20.1
14.4
14.7
BESI Global Coverage
Company
Ticker
Sector
TCSA3 BZ
VIVT4 BZ
TIMP3 BZ
TPIS3 BZ
VAGR3 BZ
Real Estate
Eduardo Silveira
Telecom Services
Antonio Espirito Santo
Telecom Services
Antonio Espirito Santo
Construction & Building MaterEduardo Silveira
Food, Beverage and HPC
Catarina Pedrosa, CNPI
esilveira@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
aesanto@espiritosantoib.com.br
esilveira@espiritosantoib.com.br
cpedrosa@espiritosantoib.com.br
Czech Republic
CEZ AS
Komercni Banka
O2 Czech
CEZ CK
KOMB CP
TELEC CP
Utilities
Banks
Telecom Services
Maria Mickiewicz
Lukasz Janczak
Konrad Ksiezopolski
mmickiewicz@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
Denmark
Carlsberg
TDC
CARLB DC
TDC DC
Food, Beverage and HPC
Telecom Services
Stephanie Barsdorf
Andrew Hogley
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
Finland
Elisa
Kone
Metso
Wartsila
ELI1V FH
KNEBV FH
MEO1V FH
WRT1V FH
Telecom Services
Capital Goods
Capital Goods
Capital Goods
Andrew Hogley
Nick Wilson
Nick Wilson
Nick Wilson
andrew.hogley@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
France
Airbus
BNP Paribas
Carrefour
Casino Guichard
Iliad
Legrand
Numericable
Orange
Pernod Ricard
Safran
Schneider
Societe Generale
Thales
AIR FP
BNP FP
CA FP
CO FP
ILD FP
LR FP
NUM FP
ORA FP
RI FP
SAF FP
SU FP
GLE FP
HO FP
Aerospace and Defence
Banks
Retail
Retail
Telecom Services
Capital Goods
Telecom Services
Telecom Services
Food, Beverage and HPC
Aerospace and Defence
Capital Goods
Banks
Aerospace and Defence
Edward Stacey, CFA
Shailesh Raikundlia
Rickin Thakrar
Rickin Thakrar
Nuno Matias
Nick Wilson
Andrew Hogley
Nuno Matias
Stephanie Barsdorf
Edward Stacey, CFA
Nick Wilson
Shailesh Raikundlia
Edward Stacey, CFA
Germany
Deutsche Bank
Deutsche Telekom
GEA Group
Hochtief
Kabel Deutschland
MTU Aero Engines
Siemens
Sky Deutschland
DBK GY
DTE GY
G1A GR
HOT GR
KD8 GY
MTX GR
SIE GR
SKYD GR
Greece
Hellenic Telecom
HTO GA
Hungary
Magyar Telekom
MOL
OTP Bank
MTELEKOM HB Telecom Services
MOL HB
Oil & Gas
OTP HB
Banks
Tecnisa
Telefonica Brasil PN
Tim Participações
Triunfo Participações
V-Agro
Source: Bloomberg, BESI Research
Analyst
Email
as at 15 April 2015
SP
FV
4.3
3.6
10.2
3.8
1.0
15.5
7.0
1.3
653.3
507.0
5,535.0 5,550.0
205.0
304.0
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
-16.0%
Neutral
RESTRICTED
53.0%
Buy
83.0%
Buy
33.0%
Neutral
BRL
800
245
260
BRL
BRL
BRL
24,539
674
380
7,520
207
116
7,990
219
124
-22.0%
48.0%
Buy
Buy
Neutral
CZK
CZK
CZK
351,469
210,385
66,028
12,870
7,704
2,418
13,674
8,185
2,569
603.5
51.6
480.0
69.5
-20.0%
35.0%
Neutral
Buy
DKK
DKK
93,130
41,859
12,473
5,606
13,252
5,956
24.6
43.3
27.6
43.9
18.4
33.5
27.5
44.0
-25.0%
-23.0%
-0.0%
-
Sell
Sell
Neutral
Buy
EUR
EUR
EUR
EUR
4,121
11,286
4,150
8,661
4,121
11,286
4,150
8,661
4,378
11,992
4,409
9,202
edward.stacey@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
rickin.thakrar@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
stephanie.barsdorf@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
61.1
56.8
32.6
86.2
224.9
52.5
53.2
15.9
113.3
67.6
72.1
45.7
54.4
47.0
55.7
33.0
90.0
212.0
48.7
22.3
13.1
100.0
68.0
75.0
48.4
51.0
-23.0%
-2.0%
1.0%
4.0%
-6.0%
-7.0%
-58.0%
-17.0%
-12.0%
1.0%
4.0%
6.0%
-6.0%
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Sell
Sell
Buy
Neutral
Neutral
Buy
Neutral
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
47,874
70,685
23,573
9,733
12,995
13,874
1,399
42,038
30,072
28,208
40,421
36,523
11,080
47,874
70,685
23,573
9,733
12,995
13,874
1,399
42,038
30,072
28,208
40,421
36,523
11,080
50,867
75,103
25,046
10,341
13,807
14,742
1,486
44,665
31,952
29,971
42,947
38,805
11,773
Banks
Shailesh Raikundlia
Telecom Services
Andrew Hogley
Capital Goods
Nick Wilson
Construction & Building MaterJuan Carlos Calvo
Telecom Services
Andrew Hogley
Aerospace and Defence
Edward Stacey, CFA
Capital Goods
Nick Wilson
Telecom Services
Andrew Hogley
shailesh.raikundlia@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
jccalvo@espiritosantoib.es
andrew.hogley@espiritosantoib.co.uk
edward.stacey@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
32.7
17.5
46.5
73.0
124.0
94.8
102.5
6.8
25.6
13.3
41.5
72.1
105.0
74.0
92.0
6.1
-22.0%
-24.0%
-11.0%
-1.0%
-15.0%
-22.0%
-10.0%
-10.0%
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Neutral
Buy
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
33,363
77,828
8,951
5,621
10,972
4,931
90,261
5,967
33,363
77,828
8,951
5,621
10,972
4,931
90,261
5,967
35,448
82,692
9,511
5,972
11,658
5,239
95,902
6,340
Telecom Services
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
7.9
13.2
68.0%
Buy
EUR
3,857
3,857
4,099
Konrad Ksiezopolski
Wojciech Kozlowski
Lukasz Janczak
kksiezopolski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
426.0
370.0
14,590.0 13,944.9
5,860.0 3,650.0
-13.0%
-4.0%
-38.0%
Neutral
Buy
Sell
HUF
HUF
HUF
444,209
1,524,934
1,640,800
1,497
5,138
5,529
1,590
5,459
5,874
Page 2 of 9
BESI Global Coverage
Company
Ticker
India
ACC
ACC IN
Aditya Birla Nuvo
ABNL IN
Ambuja Cements
ACEM IN
Axis Bank
AXSB IN
Bajaj Auto
BJAUT IN
Bajaj Finance
BAF IN
Bajaj Finserv
BJFIN IN
Balkrishna Industries
BIL IN
Bank of Baroda
BOB IN
Bank of India
BOI IN
Bayer CropScience
BYRCS IN
Bharat Heavy Electricals
BHEL IN
Bharti Airtel
BHARTI IN
Biocon
BIOS IN
Bosch
BOS IN
Cadila Healthcare
CDH IN
CARE Ratings
CARE IN
Cholamandalam
CIFC IN
Cipla
CIPLA IN
Coromandel International
CRIN IN
DCB Bank
DCBB IN
Dewan Housing Finance
DEWH IN
Dr Reddy’s
DRRD IN
eClerx Services
ECLX IN
Edelweiss Capital
EDEL IN
Exide
EXID IN
Federal Bank
FB IN
Finolex Industries
FNXP IN
GSFC Ltd
GSFC IN
GSK Pharma
GLXO IN
Havells
HAVL IN
HCL Technologies
HCLT IN
HDFC Bank
HDFCB IN
HDFC Limited
HDFC IN
Hero Motocorp
HMCL IN
Hexaware Technologies
HEXW IN
Hindalco Industries
HNDL IN
Hindustan Zinc
HZ IN
ICICI Bank
ICICIBC IN
Idea Cellular
IDEA IN
India Infoline
IIFL IN
IndusInd Bank
IIB IN
Infosys
INFO IN
Infrastructure Development FinaIDFC IN
ING Vysya Bank
VYSB IN
Inox Leisure
INOL IN
Jindal Steel & Power
JSP IN
JK Cement
JKCE IN
JSW Steel
JSTL IN
Kotak Mahindra Bank
KMB IN
KPIT Cummins
KPIT IN
L&T Finance
LTFH IN
Larsen & Toubro
LT IN
Source: Bloomberg, BESI Research
Sector
Analyst
Construction & Building MaterAnshuman Atri
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Capital Goods
Aniket Mhatre
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Banks
Hitesh Gulati
Banks
Hitesh Gulati
Basic Resources
Rakesh Nayudu
Capital Goods
Avinash Ranjan
Telecom Services
Soumitra Chatterjee
Pharmaceuticals & HealthcareRakesh Nayudu
Capital Goods
Aniket Mhatre
Pharmaceuticals & HealthcareRakesh Nayudu
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Basic Resources
Rakesh Nayudu
Banks
Hitesh Gulati
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Banks
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Basic Resources
Rakesh Nayudu
Pharmaceuticals & HealthcareRakesh Nayudu
Capital Goods
Avinash Ranjan
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Financial Services
Hitesh Gulati
Capital Goods
Aniket Mhatre
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Basic Resources
Anshuman Atri
Banks
Hitesh Gulati
Telecom Services
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Retail
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Construction & Building MaterAnshuman Atri
Basic Resources
Anshuman Atri
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Capital Goods
Avinash Ranjan
Email
as at 15 April 2015
SP
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
Page 3 of 9
1,596.2
1,777.2
257.6
566.0
2,095.3
4,453.8
1,438.4
730.9
175.6
221.0
3,945.5
242.7
425.7
488.7
26,440.6
1,786.4
1,701.1
589.1
712.4
262.2
115.0
474.2
3,795.4
1,568.9
69.5
190.3
129.3
286.7
86.2
3,349.8
293.9
976.1
1,038.8
1,305.3
2,580.7
333.1
136.1
170.8
316.9
202.2
177.9
949.8
2,238.8
175.3
1,031.8
176.9
158.3
697.2
942.3
1,445.6
179.1
66.2
1,803.5
FV
Up/Dn
1,826.0 14.0%
1,842.0
4.0%
300.0 16.0%
445.0 -21.0%
2,452.0 17.0%
2,152.0 -52.0%
1,803.0 25.0%
844.0 15.0%
672.0 283.0%
140.0 -37.0%
4,474.0 13.0%
165.0 -32.0%
425.0
-0.0%
350.0 -28.0%
9,725.0 -63.0%
1,590.0 -11.0%
2,300.0 35.0%
465.0 -21.0%
770.0
8.0%
351.0 34.0%
95.0 -17.0%
430.0
-9.0%
3,061.5 -19.0%
1,125.0 -28.0%
45.0 -35.0%
184.0
-3.0%
150.0 16.0%
379.0 32.0%
139.0 61.0%
2,410.0 -28.0%
360.0 22.0%
1,000.0
2.0%
1,175.0 13.0%
1,400.0
7.0%
3,089.0 20.0%
121.0 -64.0%
196.0 44.0%
187.0
9.0%
375.0 18.0%
206.0
2.0%
99.0 -44.0%
905.0
-5.0%
2,350.0
5.0%
143.0 -18.0%
1,015.0
-2.0%
220.0 24.0%
208.0 31.0%
914.0 31.0%
1,579.0 68.0%
1,415.0
-2.0%
155.0 -13.0%
61.0
-8.0%
1,550.0 -14.0%
Rating
Neutral
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Sell
Buy
Sell
Buy
Sell
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Sell
Neutral
Ccy
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
Market Capitalisation (m)
Local
EUR
USD
299,679
213,714
398,028
265,561
606,311
221,700
228,882
70,643
73,952
131,694
155,840
593,910
1,701,693
97,740
830,206
365,752
49,330
84,326
572,001
74,225
28,792
60,852
645,314
47,208
53,347
161,713
22,108
35,578
34,329
283,734
183,423
1,372,029
2,484,028
2,033,775
515,334
99,798
280,990
721,684
365,828
670,693
52,548
497,802
1,285,600
265,701
193,431
17,063
147,939
48,741
227,775
1,110,572
34,622
113,575
1,668,700
4,523
3,225
6,007
4,008
9,150
3,346
3,454
1,066
1,116
1,988
2,352
8,963
25,682
1,475
12,529
5,520
744
1,273
8,633
1,120
435
918
9,739
712
805
2,441
334
537
518
4,282
2,768
20,706
37,488
30,693
7,777
1,506
4,241
10,891
5,521
10,122
793
7,513
19,402
4,010
2,919
258
2,233
736
3,438
16,760
523
1,714
25,184
4,805
3,427
6,382
4,258
9,722
3,555
3,670
1,133
1,186
2,112
2,499
9,523
27,287
1,567
13,312
5,865
791
1,352
9,172
1,190
462
976
10,348
757
855
2,593
354
570
550
4,550
2,941
22,000
39,831
32,612
8,263
1,600
4,506
11,572
5,866
10,755
843
7,982
20,615
4,261
3,102
274
2,372
782
3,652
17,808
555
1,821
26,758
BESI Global Coverage
Company
Ticker
LIC Housing Finance
LICHF IN
Lupin
LPC IN
Mahindra & Mahindra
MMFS IN
Max India
MAX IN
MindTree
MTCL IN
Motherson Sumi
MSS IN
Motilal Oswal
MOFS IN
MphasiS
MPHL IN
Navneet Education
NELI IN
NIIT
NIIT IN
NIIT Technologies
NITEC IN
NMDC
NMDC IN
Oracle Financial Services SoftwOFSS IN
Oriental Bank of Commerce
OBC IN
Persistent Systems
PSYS IN
Polaris Software
POL IN
Power Finance
POWF IN
Prism Cement
PRSC IN
Punjab National Bank
PNB IN
PVR
PVRL IN
Rallis
RALI IN
Ranbaxy Laboratories
RBXY IN
Redington
REDI IN
Reliance Capital
RCAPT IN
Rural Electrification CorporationRECL IN
SAIL
SAIL IN
Sesa Sterlite
SSLT IN
Shree Cement
SRCM IN
Shriram City Union Finance
SCUF IN
Shriram Transport Finance
SHTF IN
SKS Microfinance
SKSM IN
South Indian Bank
SIB IN
State Bank of India
SBIN IN
Sun Pharma
SUNP IN
Sun TV Network
SUNTV IN
Sundaram Finance
SUF IN
Supreme Industries
SI IN
Tata Consultancy
TCS IN
Tata Steel
TATA IN
Tech Mahindra
TECHM IN
Thermax
TMX IN
TVS Motors
TVSL IN
Ultratech Cements
UTCEM IN
Union Bank of India
UNBK IN
V-Guard Industries
VGRD IN
Voltas
VOLT IN
Wipro
WPRO IN
Yes Bank
YES IN
Zee Entertainment
Z IN
Italy
Finmeccanica
Prysmian Spa
Telecom Italia
FNC IM
PRY IM
TIT IM
Source: Bloomberg, BESI Research
Sector
Analyst
Email
SP
Financial Services
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Technology
Soumitra Chatterjee
Capital Goods
Aniket Mhatre
Financial Services
Hitesh Gulati
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Technology
Soumitra Chatterjee
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Retail
Soumitra Chatterjee
Basic Resources
Rakesh Nayudu
Pharmaceuticals & HealthcareRakesh Nayudu
Technology
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Basic Resources
Anshuman Atri
Basic Resources
Anshuman Atri
Construction & Building MaterAnshuman Atri
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Financial Services
Hitesh Gulati
Banks
Hitesh Gulati
Banks
Hitesh Gulati
Pharmaceuticals & HealthcareRakesh Nayudu
Media
Soumitra Chatterjee
Financial Services
Hitesh Gulati
Construction & Building MaterAnshuman Atri
Technology
Soumitra Chatterjee
Basic Resources
Anshuman Atri
Technology
Soumitra Chatterjee
Capital Goods
Avinash Ranjan
Capital Goods
Aniket Mhatre
Construction & Building MaterAnshuman Atri
Banks
Hitesh Gulati
Capital Goods
Avinash Ranjan
Capital Goods
Avinash Ranjan
Technology
Soumitra Chatterjee
Banks
Hitesh Gulati
Media
Soumitra Chatterjee
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
rakesh.nayudu@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
Aniket.Mhatre@espiritosantoib.co.in
anshuman.atri@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
avinash.ranjan@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Hitesh.Gulati@espiritosantoib.co.in
soumitra.chatterjee@espiritosantoib.co.in
Aerospace and Defence
Capital Goods
Telecom Services
edward.stacey@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nmatias@espiritosantoib.pt
Edward Stacey, CFA
Nick Wilson
Nuno Matias
as at 15 April 2015
Page 4 of 9
462.0
1,981.5
267.8
483.2
1,484.6
508.9
312.5
385.3
107.4
40.7
372.6
135.0
3,433.1
220.7
778.7
164.9
286.6
120.6
165.6
666.9
227.5
859.8
128.5
456.8
341.2
75.9
200.6
10,437.7
1,904.2
1,144.1
507.6
25.4
286.3
1,151.0
392.5
1,594.8
725.6
2,655.5
345.2
664.4
1,077.6
254.9
3,001.5
163.9
994.3
303.4
624.2
841.7
346.8
11.7
19.3
1.1
FV
Up/Dn
390.0 -16.0%
1,760.0 -11.0%
352.0 31.0%
568.0 18.0%
675.0 -55.0%
498.0
-2.0%
150.0 -52.0%
450.0 17.0%
105.0
-2.0%
45.0 11.0%
300.0 -19.0%
159.0 18.0%
2,750.0 -20.0%
200.0
-9.0%
740.0
-5.0%
233.0 41.0%
300.0
5.0%
125.0
4.0%
584.0 253.0%
815.0 22.0%
245.0
8.0%
480.0 -44.0%
120.0
-7.0%
698.0 53.0%
310.0
-9.0%
58.0 -24.0%
310.0 55.0%
10,059.0
-4.0%
1,700.0 -11.0%
1,200.0
5.0%
375.0 -26.0%
33.0 30.0%
1,876.0 555.0%
600.0 -48.0%
460.0 17.0%
1,475.0
-8.0%
804.0 11.0%
2,750.0
4.0%
626.0 81.0%
787.5 19.0%
880.0 -18.0%
184.0 -28.0%
3,660.0 22.0%
94.0 -43.0%
1,230.0 24.0%
300.0
-1.0%
650.0
4.0%
580.0 -31.0%
310.0 -11.0%
7.1
14.2
1.3
-39.0%
-27.0%
10.0%
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Sell
Sell
Sell
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Buy
Sell
Sell
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Neutral
Sell
Buy
Sell
Buy
Buy
Buy
Neutral
Sell
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
233,154
887,758
152,315
128,487
124,280
299,142
45,379
80,951
25,584
6,720
22,566
535,038
288,712
64,392
62,296
16,409
378,323
60,680
58,535
27,608
44,242
363,807
51,307
112,205
336,872
313,472
594,565
363,619
112,855
259,576
54,929
34,060
195,839
2,383,735
154,678
177,183
92,164
5,197,400
335,263
638,253
128,403
121,076
823,042
97,815
29,677
100,374
1,538,708
303,376
332,877
3,519
13,398
2,299
1,939
1,876
4,515
685
1,222
386
101
341
8,075
4,357
972
940
248
5,710
916
883
417
668
5,490
774
1,693
5,084
4,731
8,973
5,488
1,703
3,917
829
514
2,956
35,975
2,334
2,674
1,391
78,438
5,060
9,632
1,938
1,827
12,421
1,476
448
1,515
23,222
4,578
5,024
3,739
14,235
2,442
2,060
1,993
4,797
728
1,298
410
108
362
8,579
4,629
1,033
999
263
6,066
973
939
443
709
5,834
823
1,799
5,402
5,027
9,534
5,831
1,810
4,162
881
546
3,140
38,223
2,480
2,841
1,478
83,340
5,376
10,234
2,059
1,941
13,197
1,568
476
1,609
24,673
4,865
5,338
Neutral
Neutral
Buy
EUR
EUR
EUR
6,741
4,150
20,633
6,741
4,150
20,633
7,163
4,410
21,922
BESI Global Coverage
Company
Ticker
Sector
Netherlands
Heineken
KPN
Mota-Engil Africa
Philips
HEIA NA
KPN NA
MEAFR NA
PHIA NA
Food, Beverage and HPC
Stephanie Barsdorf
Telecom Services
Andrew Hogley
Construction & Building MaterNuno Estácio
Capital Goods
Nick Wilson
stephanie.barsdorf@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
nestacio@espiritosantoib.pt
nick.wilson@espiritosantoib.co.uk
Norway
Telenor
TEL NO
Telecom Services
andrew.hogley@espiritosantoib.co.uk
Poland
Agora
Alior Bank
Alumetal
Asseco Poland
Bank Handlowy
Bank Millennium
Bank Pekao
Budimex
BZ WBK
Capital Park
CCC
Cyfrowy Polsat
Dom Development
Echo Investment
Elektrobudowa
Emperia
ENEA
Energa
Eurocash
Famur
Getin Holding
Getin Noble Bank
Global City
Globe Trade Centre
Grupa Azoty
Grupa Azoty Police
Grupa Azoty Pulawy
Grupa Lotos
ING BSK
JSW
KGHM Polska Miedz
Kredyt Inkaso
KRUK
LC Corp
LPP
LW Bogdanka
Magellan
mBank
Netia
Open Finance
Orange Polska
PGE
PGNiG
AGO PW
ALR PW
AML PW
ACP PW
BHW PW
MIL PW
PEO PW
BDX PW
BZW PW
CPG PW
CCC PW
CPS PW
DOM PW
ECH PW
ELB PW
EMP PW
ENA PW
ENG PW
EUR PW
FMF PW
GTN PW
GNB PW
GCH PW
GTC PW
ATT PW
PCE PW
ZAP PW
LTS PW
ING PW
JSW PW
KGH PW
KRI PW
KRU PW
LCC PW
LPP PW
LWB PW
MAG PW
MBK PW
NET PW
OPF PW
OPL PW
PGE PW
PGN PW
Media
Konrad Ksiezopolski
Banks
Kamil Stolarski, CFA
Basic Resources
Konrad Strzeszewski
Technology
Konrad Ksiezopolski
Banks
Kamil Stolarski, CFA
Banks
Kamil Stolarski, CFA
Banks
Kamil Stolarski, CFA
Construction & Building MaterKonrad Strzeszewski
Banks
Kamil Stolarski, CFA
Financial Services
Cezary Bernatek
Retail
Maria Mickiewicz
Media
Konrad Ksiezopolski
Real Estate
Cezary Bernatek
Financial Services
Cezary Bernatek
Construction & Building MaterKonrad Strzeszewski
Retail
Maria Mickiewicz
Utilities
Maria Mickiewicz
Utilities
Maria Mickiewicz
Retail
Maria Mickiewicz
Capital Goods
Wojciech Kozlowski
Technology
Lukasz Janczak
Banks
Kamil Stolarski, CFA
Media
Konrad Ksiezopolski
Real Estate
Cezary Bernatek
Basic Resources
Wojciech Kozlowski
Basic Resources
Wojciech Kozlowski
Basic Resources
Wojciech Kozlowski
Oil & Gas
Wojciech Kozlowski
Banks
Kamil Stolarski, CFA
Basic Resources
Konrad Ksiezopolski
Basic Resources
Nick Mellor
Financial Services
Lukasz Janczak
Financial Services
Lukasz Janczak
Real Estate
Cezary Bernatek
Retail
Maria Mickiewicz
Basic Resources
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
Banks
Kamil Stolarski, CFA
Telecom Services
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
Telecom Services
Konrad Ksiezopolski
Utilities
Maria Mickiewicz
Oil & Gas
Lukasz Janczak
Source: Bloomberg, BESI Research
Analyst
Andrew Hogley
Email
as at 15 April 2015
SP
kksiezopolski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
cbernatek@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
nick.mellor@espiritosantoib.co.uk
ljanczak@espiritosantoib.pl
ljanczak@espiritosantoib.pl
cbernatek@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
ljanczak@espiritosantoib.pl
Page 5 of 9
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
74.8
3.4
7.7
26.9
50.1
2.0
11.0
21.0
-33.0%
-42.0%
43.0%
-22.0%
Neutral
Sell
Neutral
Neutral
EUR
EUR
EUR
EUR
43,097
14,455
770
25,242
43,097
14,455
770
25,242
45,790
15,358
818
26,820
169.9
150.0
-12.0%
Neutral
NOK
257,674
30,436
32,338
10.4
10.3
-1.0%
82.8
67.2 -19.0%
58.0
67.5 16.0%
60.4
60.0
-1.0%
110.2
112.0
2.0%
7.1
9.2 30.0%
184.4
200.0
8.0%
165.0
156.3
-5.0%
356.8
370.0
4.0%
4.7
6.9 48.0%
182.3
140.0 -23.0%
24.5
29.1 19.0%
48.0
47.1
-2.0%
6.8
7.0
3.0%
110.0
102.9
-6.0%
61.3
55.0 -10.0%
16.4
18.3 12.0%
26.1
28.6 10.0%
37.0
35.1
-5.0%
2.9
6.6 128.0%
2.1
2.5 15.0%
1.7
2.0 16.0%
40.0
33.4 -16.0%
5.8
5.0 -14.0%
87.6
85.6
-2.0%
23.8
21.1 -11.0%
150.3
156.0
4.0%
30.7
54.1 76.0%
146.5
163.0 11.0%
16.6
27.2 64.0%
117.3
156.7 34.0%
24.6
27.7 13.0%
145.8
112.3 -23.0%
2.0
2.1
6,788.0 7,520.0 11.0%
83.8
133.0 59.0%
65.5
82.8 26.0%
451.7
510.0 13.0%
5.8
5.6
-4.0%
5.7
3.9 -32.0%
10.1
8.0 -21.0%
20.6
20.8
1.0%
5.9
4.9 -17.0%
Buy
Sell
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Buy
Buy
Sell
Buy
Sell
Sell
Neutral
Neutral
Buy
Sell
Neutral
Buy
Buy
Sell
Buy
Buy
Buy
Buy
Sell
Buy
Buy
Neutral
Neutral
Sell
Sell
Neutral
Neutral
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
531
5,261
874
5,009
14,392
8,613
48,386
4,212
33,377
487
7,000
8,517
1,187
2,852
522
927
7,218
10,812
5,119
1,382
1,558
4,585
2,045
1,836
8,690
1,785
2,873
5,676
19,060
1,947
23,460
318
2,473
913
12,430
2,850
440
19,064
2,256
310
13,255
38,442
34,751
132
1,310
218
1,247
3,583
2,144
12,045
1,049
8,309
121
1,743
2,120
296
710
130
231
1,797
2,692
1,274
344
388
1,141
509
457
2,163
444
715
1,413
4,745
485
5,840
79
616
227
3,094
709
110
4,746
562
77
3,300
9,570
8,651
141
1,392
231
1,325
3,807
2,278
12,798
1,114
8,828
129
1,852
2,253
314
754
138
245
1,909
2,860
1,354
366
412
1,213
541
486
2,298
472
760
1,501
5,041
515
6,205
84
654
241
3,288
754
116
5,042
597
82
3,506
10,168
9,192
BESI Global Coverage
Company
Ticker
Sector
PKN PW
PKO PW
PKP PW
PCM PW
PZU PW
ROB PW
RON PW
SKH PW
SGN PW
SNS PW
TPE PW
TRK PW
TVN PW
GPW PW
Portugal
Altri
BCP
BPI
CTT
EDP
Galp Energia
Ibersol
Jerónimo Martins
Mota-Engil
NOS
Portucel
REN
Semapa
Sonae
Sonae Indústria
Sonaecom
Spain
Abengoa (B)
Abertis
Acciona
Acerinox
ACS
Amadeus
Applus Services
Atresmedia
Banco Popular
Banco Sabadell
Bankia
Bankinter
BBVA
BME
CaixaBank
Cie Automotive
Deoleo
DIA
Ebro Foods
EDP Renovaveis
PKN Orlen
PKO BP
PKP Cargo
Prime Car Management
PZU
Robyg
Ronson
Skarbiec Holding
Sygnity
Synthos
Tauron
Trakcja
TVN
Warsaw Stock Exchange
Email
SP
FV
Up/Dn
Oil & Gas
Wojciech Kozlowski
Banks
Kamil Stolarski, CFA
Transport & Logistics
Cezary Bernatek
Capital Goods
Lukasz Janczak
Insurance
Kamil Stolarski, CFA
Real Estate
Cezary Bernatek
Real Estate
Cezary Bernatek
Financial Services
Lukasz Janczak
Technology
Konrad Ksiezopolski
Basic Resources
Wojciech Kozlowski
Utilities
Maria Mickiewicz
Construction & Building MaterKonrad Strzeszewski
Media
Konrad Ksiezopolski
Financial Services
Lukasz Janczak
wkozlowski@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kstolarski@espiritosantoib.pl
cbernatek@espiritosantoib.pl
cbernatek@espiritosantoib.pl
ljanczak@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
wkozlowski@espiritosantoib.pl
mmickiewicz@espiritosantoib.pl
kstrzeszewski@espiritosantoib.pl
kksiezopolski@espiritosantoib.pl
ljanczak@espiritosantoib.pl
63.8
34.1
86.9
45.0
495.0
2.4
1.4
47.0
13.8
4.8
4.6
10.1
16.9
49.3
45.7
38.0
98.9
62.0
500.0
2.9
1.8
53.0
23.8
6.0
5.0
8.0
17.9
56.4
-28.0%
11.0%
14.0%
38.0%
1.0%
21.0%
22.0%
13.0%
72.0%
24.0%
9.0%
-20.0%
6.0%
14.0%
ALTR PL
BCP PL
BPI PL
CTT PL
EDP PL
GALP PL
IBS PL
JMT PL
EGL PL
NOS PL
PTI PL
RENE PL
SEM PL
SON PL
SONI PL
SNC PL
Basic Resources
Nuno Estácio
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Support Services
Nuno Estácio
Utilities
Felipe Echevarria, CFA
Oil & Gas
Filipe Rosa
Travel & Leisure
Nuno Estácio
Retail
Filipe Rosa
Construction & Building MaterNuno Estácio
Telecom Services
Nuno Matias
Basic Resources
Nuno Estácio
Utilities
Felipe Echevarria, CFA
Basic Resources
Nuno Estácio
Retail
Filipe Rosa
Construction & Building MaterNuno Estácio
Telecom Services
Miguel Borrega
nestacio@espiritosantoib.pt
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
nestacio@espiritosantoib.pt
fechevarria@espiritosantoib.es
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
nmatias@espiritosantoib.pt
nestacio@espiritosantoib.pt
fechevarria@espiritosantoib.es
nestacio@espiritosantoib.pt
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
mborrega@espiritosantoib.pt
4.3
0.1
1.4
10.4
3.7
12.2
8.7
12.1
3.4
6.8
4.7
2.8
13.6
1.4
0.0
2.2
3.5
0.1
1.0
10.5
3.6
12.4
12.7
10.0
4.0
7.1
4.4
2.8
18.0
1.7
-19.0%
14.0%
-31.0%
1.0%
-2.0%
2.0%
46.0%
-18.0%
18.0%
4.0%
-6.0%
-3.0%
32.0%
15.0%
ABG/P SM
ABE SM
ANA SM
ACX SM
ACS SM
AMS SM
APPS SM
A3M SM
POP SM
SAB SM
BKIA SM
BKT SM
BBVA SM
BME SM
CABK SM
CIE SM
OLE SM
DIA SM
EBRO SM
EDPR PL
Construction & Building MaterNuno Estácio
Construction & Building MaterJuan Carlos Calvo
Utilities
Felipe Echevarria, CFA
Basic Resources
Jaime Escribano
Construction & Building MaterJuan Carlos Calvo
Technology
Nuno Estácio
Support Services
Jaime Escribano
Media
Nuno Estácio
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Financial Services
Juan Carlos Calvo
Banks
Juan Carlos Calvo
Capital Goods
Jaime Escribano
Food, Beverage and HPC
Nuno Estácio
Retail
Filipe Rosa
Food, Beverage and HPC
Nuno Estácio
Utilities
Felipe Echevarria, CFA
nestacio@espiritosantoib.pt
jccalvo@espiritosantoib.es
fechevarria@espiritosantoib.es
jescribano@espiritosantoib.es
jccalvo@espiritosantoib.es
nestacio@espiritosantoib.pt
jescribano@espiritosantoib.es
nestacio@espiritosantoib.pt
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jccalvo@espiritosantoib.es
jescribano@espiritosantoib.es
nestacio@espiritosantoib.pt
frosa@espiritosantoib.pt
nestacio@espiritosantoib.pt
fechevarria@espiritosantoib.es
3.3
17.1
73.7
15.4
33.0
41.3
11.0
15.3
4.7
2.3
1.3
7.1
9.6
42.9
4.3
13.8
0.4
7.6
18.3
6.5
4.5
14.8
71.0
17.8
34.2
34.0
10.5
13.9
3.5
2.0
1.2
5.7
10.0
38.3
5.0
14.8
0.4
5.8
20.2
6.8
Source: Bloomberg, BESI Research
Analyst
as at 15 April 2015
Page 6 of 9
2.4
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
PLN
27,266
42,663
3,891
536
42,744
634
392
321
164
6,338
8,062
517
5,831
2,070
6,788
10,620
969
133
10,641
158
98
80
41
1,578
2,007
129
1,452
515
7,212
11,284
1,029
142
11,306
168
104
85
43
1,676
2,132
137
1,542
548
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Under review
10.0%
Buy
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
882
1,732
2,007
1,562
13,496
10,109
174
7,630
694
3,506
3,580
1,519
1,614
2,882
1
788
882
1,732
2,007
1,562
13,496
10,109
174
7,630
694
3,506
3,580
1,519
1,614
2,882
1
788
937
1,841
2,133
1,660
14,340
10,740
185
8,107
737
3,725
3,803
1,614
1,715
3,062
1
837
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
1,810
14,604
4,222
3,950
10,381
18,496
1,428
3,445
7,973
9,392
14,708
6,188
54,707
3,585
20,774
1,781
497
4,938
2,812
5,671
1,810
14,604
4,222
3,950
10,381
18,496
1,428
3,445
7,973
9,392
14,708
6,188
54,707
3,585
20,774
1,781
497
4,938
2,812
5,671
1,923
15,517
4,486
4,197
11,030
19,652
1,517
3,660
8,472
9,979
15,627
6,574
58,127
3,809
22,072
1,893
528
5,247
2,988
6,025
36.0%
-13.0%
-4.0%
16.0%
4.0%
-18.0%
-4.0%
-9.0%
-25.0%
-15.0%
-6.0%
-19.0%
5.0%
-11.0%
16.0%
7.0%
-5.0%
-24.0%
11.0%
5.0%
Buy
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Sell
Sell
Neutral
Sell
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
BESI Global Coverage
Company
Ticker
Sector
Enagas
Ence
Endesa
FCC
Ferrovial
Gas Natural
Grifols
Iberdrola
Inditex
Indra
Jazztel
Liberbank
Mediaset España
OHL
Prosegur
Red Eléctrica
Repsol
Sacyr
Santander
Tecnicas Reunidas
Telefónica
Vidrala
Viscofan
ENG SM
ENC SM
ELE SM
FCC SM
FER SM
GAS SM
GRF SM
IBE SM
ITX SM
IDR SM
JAZ SM
LBK SM
TL5 SM
OHL SM
PSG SM
REE SM
REP SM
SCYR SM
SAN SM
TRE SM
TEF SM
VID SM
VIS SM
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Basic Resources
Nuno Estácio
nestacio@espiritosantoib.pt
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Construction & Building MaterMiguel Borrega
mborrega@espiritosantoib.pt
Construction & Building MaterJuan Carlos Calvo
jccalvo@espiritosantoib.es
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Pharmaceuticals & HealthcareJaime Escribano
jescribano@espiritosantoib.es
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Retail
Filipe Rosa
frosa@espiritosantoib.pt
Technology
Nuno Matias
nmatias@espiritosantoib.pt
Telecom Services
Nuno Matias
nmatias@espiritosantoib.pt
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Media
Nuno Estácio
nestacio@espiritosantoib.pt
Construction & Building MaterAlmudena González de C agonzalezc@espiritosantoib.es
Support Services
Nuno Estácio
nestacio@espiritosantoib.pt
Utilities
Felipe Echevarria, CFA fechevarria@espiritosantoib.es
Oil & Gas
Filipe Rosa
frosa@espiritosantoib.pt
Construction & Building MaterMiguel Borrega
mborrega@espiritosantoib.pt
Banks
Juan Carlos Calvo
jccalvo@espiritosantoib.es
Construction & Building MaterNuno Estácio
nestacio@espiritosantoib.pt
Telecom Services
Nuno Matias
nmatias@espiritosantoib.pt
Construction & Building MaterNuno Estácio
nestacio@espiritosantoib.pt
Food, Beverage and HPC
Nuno Estácio
nestacio@espiritosantoib.pt
Sweden
Alfa Laval
Assa Abloy
Atlas Copco
H&M
Lundin Mining (SE)
Sandvik
SKF
Tele2
TeliaSonera
ALFA SS
ASSAB SS
ATCOA SS
HMB SS
LUMI SS
SAND SS
SKFB SS
TEL2B SS
TLSN SS
Capital Goods
Capital Goods
Capital Goods
Retail
Basic Resources
Capital Goods
Capital Goods
Telecom Services
Telecom Services
Nick Wilson
Nick Wilson
Nick Wilson
Filipe Rosa
Nick Mellor
Nick Wilson
Nick Wilson
Andrew Hogley
Andrew Hogley
Switzerland
ABB
Credit Suisse
Swisscom
UBS
ABBN VX
CSGN VX
SCMN VX
UBSN SW
Capital Goods
Banks
Telecom Services
Banks
Nick Wilson
Shailesh Raikundlia
Andrew Hogley
Shailesh Raikundlia
Support Services
Insurance
Basic Resources
Basic Resources
Basic Resources
Aerospace and Defence
Banks
Insurance
Basic Resources
Telecom Services
Financial Services
Telecom Services
Ben Hunt, CFA
ben.hunt@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
United Kingdom
4imprint
FOUR LN
Amlin
AML LN
Anglo American
AAL LN
Anglo Platinum
AMS SJ
Antofagasta
ANTO LN
BAE Systems
BA/ LN
Barclays
BARC LN
Beazley
BEZ LN
BHP Billiton
BLT LN
BT
BT/A LN
Burford Capital Ltd
BUR LN
Cable & Wireless CommunicatioCWC LN
Source: Bloomberg, BESI Research
Analyst
Email
as at 15 April 2015
SP
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD
28.5
3.6
18.9
11.5
20.8
22.3
41.9
6.1
30.6
11.2
12.7
0.8
12.3
20.5
5.5
78.2
18.3
4.1
6.9
41.5
13.5
45.6
59.7
21.0
3.0
16.0
11.2
17.1
19.0
32.9
6.2
29.6
9.6
13.0
0.8
11.8
21.0
5.0
65.1
23.0
4.6
6.5
39.0
12.1
37.0
57.0
-26.0%
-17.0%
-15.0%
-2.0%
-18.0%
-15.0%
-22.0%
1.0%
-3.0%
-14.0%
2.0%
6.0%
-4.0%
2.0%
-9.0%
-17.0%
26.0%
11.0%
-5.0%
-6.0%
-11.0%
-19.0%
-4.0%
Sell
Buy
Buy
Neutral
Neutral
Sell
Sell
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Neutral
Sell
Buy
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
6,794
905
19,979
1,460
15,286
22,310
13,155
38,363
95,401
1,837
3,182
1,087
4,996
2,045
3,388
10,574
23,822
1,928
75,992
2,319
61,553
1,092
2,781
6,794
905
19,979
1,460
15,286
22,310
13,155
38,363
95,401
1,837
3,182
1,087
4,996
2,045
3,388
10,574
23,822
1,928
75,992
2,319
61,553
1,092
2,781
7,219
961
21,227
1,551
16,242
23,705
13,977
40,761
101,363
1,951
3,381
1,155
5,309
2,173
3,600
11,235
25,311
2,048
80,742
2,463
65,400
1,160
2,955
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
frosa@espiritosantoib.pt
nick.mellor@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
nick.wilson@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
172.7
545.5
292.8
352.9
35.5
98.4
230.7
106.9
50.9
175.0
565.0
229.0
335.0
20.6
65.0
150.0
85.0
38.0
1.0%
4.0%
-22.0%
-5.0%
-42.0%
-34.0%
-35.0%
-20.0%
-25.0%
Buy
Buy
Sell
Neutral
Sell
Sell
Sell
Sell
Sell
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
SEK
72,440
202,303
348,831
584,075
20,747
123,432
105,014
47,843
220,185
7,765
21,686
37,394
62,611
2,224
13,232
11,257
5,129
23,603
8,251
23,042
39,731
66,524
2,363
14,058
11,961
5,449
25,078
nick.wilson@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
andrew.hogley@espiritosantoib.co.uk
shailesh.raikundlia@espiritosantoib.co.uk
21.2
27.0
550.5
19.0
18.9
25.7
405.0
23.4
-11.0%
-5.0%
-26.0%
23.0%
Neutral
Neutral
Sell
Buy
CHF
CHF
CHF
CHF
49,003
42,616
28,517
73,047
47,343
41,172
27,551
70,572
50,302
43,746
29,273
74,982
1,073.0
850.0
520.5
483.3
1,039.5 1,438.4
27,874.0 15,258.0
743.0
830.0
529.0
615.0
262.2
325.0
295.3
282.7
1,459.5 2,003.2
456.0
525.0
145.3
149.3
66.1
50.0
-21.0%
-7.0%
38.0%
-45.0%
12.0%
16.0%
24.0%
-4.0%
37.0%
15.0%
3.0%
-24.0%
Buy
Neutral
Neutral
Sell
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
GBp
GBp
GBp
ZAR
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
287
2,604
14,492
75,171
7,325
17,064
42,194
1,538
77,700
36,072
297
1,670
399
3,614
20,117
5,886
10,168
23,688
58,572
2,136
107,859
50,073
412
2,318
424
3,840
21,374
6,254
10,804
25,168
62,233
2,269
114,600
53,203
438
2,463
Page 7 of 9
BESI Global Coverage
Company
Catlin
Chemring
Cobham
Debenhams
Diageo
Fenner
First Quantum
GKN
Hiscox
Home Retail Group
Howden Joinery Group
HSBC
IMI
Just Retirement
Kcom Group
Kingfisher
Kumba Iron Ore
Lancashire
Liberty Global A
Lloyds Banking Group
Marks & Spencer
Meggitt
Morrisons
NAHL Group
Next
Novae
QinetiQ
Rio Tinto
Rolls-Royce
Rotork
Royal Bank of Scotland
SAB Miller
Sainsbury
Senior
Sky
Smiths Group
Sports Direct
Standard Chartered
SVG Capital
TalkTalk Group
Ted Baker
Tesco
Ultra Electronics
Vedanta Resources
Vodafone
Weir Group
WH Smith
Ticker
Sector
Analyst
CGL LN
CHG LN
COB LN
DEB LN
DGE LN
FENR LN
FQM LN
GKN LN
HSX LN
HOME LN
HWDN LN
HSBA LN
IMI LN
JRG LN
KCOM LN
KGF LN
KIO SJ
LRE LN
LBTYA US
LLOY LN
MKS LN
MGGT LN
MRW LN
NAH LN
NXT LN
NVA LN
QQ/ LN
RIO LN
RR/ LN
ROR LN
RBS LN
SAB LN
SBRY LN
SNR LN
SKY LN
SMIN LN
SPD LN
STAN LN
SVI LN
TALK LN
TED LN
TSCO LN
ULE LN
VED LN
VOD LN
WEIR LN
SMWH LN
Insurance
Aerospace and Defence
Aerospace and Defence
Retail
Food, Beverage and HPC
Capital Goods
Basic Resources
Capital Goods
Insurance
Retail
Retail
Banks
Capital Goods
Financial Services
Telecom Services
Retail
Basic Resources
Insurance
Telecom Services
Banks
Retail
Aerospace and Defence
Retail
Support Services
Retail
Insurance
Aerospace and Defence
Basic Resources
Aerospace and Defence
Capital Goods
Banks
Food, Beverage and HPC
Retail
Capital Goods
Telecom Services
Capital Goods
Retail
Banks
Financial Services
Telecom Services
Retail
Retail
Aerospace and Defence
Basic Resources
Telecom Services
Capital Goods
Retail
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Stephanie Barsdorf
stephanie.barsdorf@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Nick Mellor
nick.mellor@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Stephanie Barsdorf
stephanie.barsdorf@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Shailesh Raikundlia
shailesh.raikundlia@espiritosantoib.co.uk
Sarah Lewandowski, CFAsarah.lewandowski@espiritosantoib.co.uk
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Rickin Thakrar
rickin.thakrar@espiritosantoib.co.uk
Edward Stacey, CFA
edward.stacey@espiritosantoib.co.uk
Anshuman Atri
anshuman.atri@espiritosantoib.co.in
Andrew Hogley
andrew.hogley@espiritosantoib.co.uk
Nick Wilson
nick.wilson@espiritosantoib.co.uk
Tony Shiret
tony.shiret@espiritosantoib.co.uk
Source: Bloomberg, BESI Research
Email
Page 8 of 9
as at 15 April 2015
SP
FV
716.0
223.5
305.3
78.8
1,934.0
220.0
858.0
356.6
851.0
171.7
469.8
616.3
1,273.0
174.2
93.0
362.4
13,005.0
660.5
51.6
79.9
568.0
568.0
199.0
297.5
7,110.0
750.0
198.0
2,892.5
973.5
2,649.0
353.7
3,610.5
275.0
358.5
1,050.0
1,124.0
645.5
1,083.5
515.0
354.4
2,817.0
244.2
1,707.0
558.0
229.4
1,880.0
1,400.0
609.6
225.0
290.0
110.0
2,070.0
208.0
1,560.0
365.0
673.3
185.0
240.0
770.0
1,295.0
237.3
105.0
270.0
22,125.0
780.0
53.5
72.0
550.0
520.0
230.0
343.4
5,500.0
572.5
250.0
4,010.0
1,110.0
2,550.0
385.0
3,310.0
235.0
390.0
980.0
1,044.0
850.0
1,150.0
588.0
410.0
2,000.0
265.0
2,100.0
825.0
180.0
2,125.0
1,550.0
Up/Dn
-15.0%
1.0%
-5.0%
40.0%
7.0%
-5.0%
82.0%
2.0%
-21.0%
8.0%
-49.0%
25.0%
2.0%
36.0%
13.0%
-25.0%
70.0%
18.0%
4.0%
-10.0%
-3.0%
-8.0%
16.0%
15.0%
-23.0%
-24.0%
26.0%
39.0%
14.0%
-4.0%
9.0%
-8.0%
-15.0%
9.0%
-7.0%
-7.0%
32.0%
6.0%
14.0%
16.0%
-29.0%
9.0%
23.0%
48.0%
-22.0%
13.0%
11.0%
Rating
Buy
Neutral
Sell
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Buy
Sell
Sell
Buy
Buy
Sell
Buy
Neutral
Sell
Buy
Sell
Neutral
Buy
Buy
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Sell
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Sell
Buy
Buy
Ccy
Market Capitalisation (m)
Local
EUR
USD
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
ZAR
GBp
USD
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
GBp
2,591
432
3,293
969
48,541
426
5,069
5,848
3,012
1,397
3,020
115,536
4,014
872
480
8,599
41,888
1,201
19,679
56,269
9,179
4,491
4,645
122
11,079
483
1,308
53,464
18,305
2,300
39,840
57,917
5,229
1,491
18,050
4,430
3,863
26,267
1,243
3,299
1,206
19,739
1,190
1,487
111,146
4,007
1,643
3,597
600
4,571
1,345
67,381
592
7,037
8,117
4,182
1,939
4,192
160,380
5,572
1,211
667
11,937
3,280
1,667
18,521
78,109
12,742
6,234
6,448
170
15,379
671
1,815
74,215
25,409
3,192
55,303
80,396
7,258
2,070
25,055
6,150
5,363
36,462
1,725
4,580
1,674
27,400
1,652
2,064
154,286
5,563
2,281
3,822
637
4,857
1,429
71,593
629
7,477
8,625
4,443
2,060
4,454
170,403
5,921
1,287
709
12,683
3,485
1,771
19,679
82,991
13,538
6,624
6,851
181
16,340
713
1,929
78,854
26,997
3,392
58,760
85,421
7,712
2,199
26,621
6,534
5,698
38,741
1,833
4,866
1,779
29,113
1,755
2,193
163,929
5,910
2,424
BESI Global Coverage
Company
Ticker
Source: Bloomberg, BESI Research
Sector
Analyst
Email
as at 15 April 2015
SP
Page 9 of 9
FV
Up/Dn
Rating
Ccy
Market Capitalisation (m)
Local
EUR
USD